Gender Pay Gap
From 6 April 2017 employers in Great Britain with more than 250 UK-based staff have been required by law to publish data on the following:
- Gender pay gap (mean and median)
- Gender bonus gap (mean and median)
- Proportion of men and women in each quartile of the organisation’s pay structure
- Proportion of men and women receiving bonuses
Gender pay gap is a company-wide comparison, across the pay of all men and all women, regardless of their level or role. An equal pay gap is an individual measure, comparing the pay of a man and a woman in the same or a similar role. At ICG, we have equal pay for equal work regardless of gender.
Prior to 2020, we were not required to report our data, but decided to be transparent about our gender pay gap numbers to help build awareness of the issues.
Mean hourly pay gap
This is the difference between average hourly pay for all our female employees in the UK compared to the average hourly pay for all our male UK employees as at 5 April 2022.
The median hourly pay gap is 35%.
Proportion of women and men at each hourly pay quartile
This is based on ranking the hourly pay for all our UK employees and dividing this ranked list into four equal groups (quartiles). This information helps us understand what is driving our hourly pay gaps as it highlights in which quartiles we have more women than men and vice versa.
Mean bonus pay gap
This is the difference between the average bonus pay for all female employees in the UK compared to the average bonus pay for all UK male employees in the twelve months to 5 April 2022.
The median bonus pay gap is 72.9%.
Proportion of men and women receiving a bonus
This is the proportion of men and women who received a bonus in the 12 months to 5 April 2022.
Hourly pay and bonus gaps
Both the pay and bonus gaps have increased during the financial year to 31 March 2022 as shown in the tables below. Whilst there has been an increase in women in all parts of the Group, including at the most senior level, and promotions as a percentage of the overall population have been equal between men and women, a small increase in the proportion of men occupying senior roles in the most high-paying parts of the organisation has led to the overall increase in our gender pay gap. Given our relatively small headcount, these small year-on-year changes in headcount at senior levels can have a significant impact.
We also note that the vast majority of these high-paying awards are highly deferred and therefore will continue to make an impact in future years when they pay out. As a result, the pay gap unfortunately will continue to be impacted even when the underlying population has changed, as the pay gap reporting measures compensation paid out in a particular year, not compensation awarded under a long-term plan.
Mean hourly pay gap
Mean bonus pay gap
ICG's commitment to addressing our gender pay gap
What are we doing about our gender pay gap?
The Group is pleased with the overall progress which continues to be made, with a higher proportion of women progressing and/or being recruited into more senior roles at the firm, increasing the representation of women across all departments, including in investment roles; and successfully retaining our senior women through offering attractive career opportunities as well as an inclusive and supportive work environment.
The Group continues to be committed to addressing our gender pay gap with a number of initiatives which are now well established.
Showing our commitment
In 2018, the Group took an important step towards greater gender diversity at ICG by committing to the Women in Finance Charter with a goal of having 30% of our senior management roles in the UK being filled by women by 2023. Through our extensive work on diversity, we have exceeded this target already and are pleased to report that at 31 March 2022, 35% of our UK senior roles are filled by women, and at 1 May 2022, 45% of Board Members are women.
Increasing talent diversity
We have a number of initiatives in place to improve hiring diversity:
- All hiring managers are required to undertake Inclusive Recruitment training which focuses on fostering objective, fair and inclusive recruitment through managing conscious and unconscious biases.
- We continue to work with external recruitment partners to extend the reach of our search and selection activities to bring in the best talent regardless of demographic or background.
- We request a balanced candidate short-lists for all roles and are maximising diversity on our interview panels.
- We are creating return to work opportunities for women who had previously taken a break from the industry.
Fostering a culture of inclusivity
At ICG, we are focused on creating a culture in which every colleague is able to fulfil their individual potential as well as contribute to our collective goals:
- We have a suite of training courses to create greater awareness and consideration of diversity and inclusion in how we manage our talent, including Inclusive Management Behaviours and Professional Conduct Training.
- In 2022, we hosted two mandatory workshops for all employees regarding Inclusion in the workplace. This workshop is now run globally for all new joiners and provides an opportunity to explore what an inclusive culture looks like in practice and how we can maintain and enhance it.
- Being able to bring one’s full self to work is a core part of having an open working environment. In light of this in 2022, we reviewed and introduced policies to enable employees to balance their work and family lives, including family building, carers leave, menopause leave and pregnancy loss policies.
- We recognise that work-life balance is an integral contributing factor to the success of ICG and we partner with leading external professionals to help our people navigate issues of physical and emotional health, parenting, and general wellbeing through an ongoing series of seminars and webinars, in addition to established flexible working policies that are in place.
- While we believe ICG and its employees embrace diversity and equality, we are not complacent as to the work we need to do to ensure our workplace remains one that is truly diverse and open, and where every individual feels they have a place and value. Our initiatives on creating an inclusive environment, including our Women’s Development Programme, International Diversity & Inclusion Champions Group and inclusive employee-led networks can be found within Diversity and Inclusion.
- Diversity and inclusion is embedded as a significant measure of leadership success, and features as a KPI for all our leadership roles, including for Executive Directors.
We are looking forward to working together to make ICG a more diverse and inclusive place of which we can all be proud.
We recognise that some of these actions may continue to cause our gender pay gap numbers to fluctuate in the short term as more women take on roles across the organisation, but we are focused on driving change over the longer-term.
We confirm that all the information we have disclosed is accurate and our statistics have been calculated according to the requirements of The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017. Figures reviewed and verified by Willis Towers Watson.
Chief Investment Officer and Chief Executive Officer, ICG plc